Britain's King Charles on Friday bestowed the titles of Prince and Princess of Wales on his eldest son William and daughter-in-law Kate, passing on the titles that he and his late wife Diana previously held.
Along with this title, Prince William automatically inherits the Duchy of Cornwall, which has been an income stream for his father for more than half a century.
This is thanks to the ownership of a landed estate of more than 52,000 hectares (128,000 acres), which also makes him one of England’s biggest landowners.
The duchy’s net assets were valued at more than £1bn at the end of March, the bulk of which came from investment property assets.
The Duchy of Cornwall owns land across 20 counties in England and Wales – the majority of it not in Cornwall – stretching from Devon to Kent, and Carmarthenshire to Nottinghamshire.
Much of the estate comprises farmland, but it also includes homes and commercial properties, forests, rivers, coastline and about – a third of the Dartmoor national park, which was once used for mining minerals such as tin and copper.
Some of the estate’s more unusual holdings include Oval cricket ground in central London – which has been leased by Surrey county cricket club since 1874 – as well as Dartmoor prison, and a plant nursery and garden centre at Lostwithiel in Cornwall.
"With Catherine (Kate) beside him, our new Prince and Princess of Wales will, I know, continue to inspire and lead our national conversations, helping to bring the marginal to the centre ground where vital help can be given," Charles said in his first address to the nation as sovereign.
Charles, who became Prince of Wales in 1958, automatically became king on the death of his mother, Queen Elizabeth, on Thursday.